A good that is perfectly standardized is:
A. likely to be interchangeable with others in the market.
B. indistinguishable to others in the market.
C. fairly close to others in the market.
D. determined to be the same by government.
B. indistinguishable to others in the market.
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Suppose we plot the total revenue curve with quantity on the horizontal axis and revenue on the vertical axis (as in Figure 8.1 in the book). Under price-taking behavior, the total revenue curve should be:
A) an inverted U-shaped curve (first increasing and then decreasing). B) a U-shaped curve (first decreasing and then increasing). C) a horizontal line with vertical axis intercept equal to the market price. D) a straight line from the origin with slope equal to the market price.
The horizontal portion of the short-run aggregate supply curve in which there is excessive unemployment and unused capacity in the economy is
A) Say's law. B) the classical short-run aggregate supply curve. C) the Keynesian short-run aggregate supply curve. D) exists when prices are flexible.
Government policies resulting intended to increase equality (cutting the pie into more equal slices) include (i) the welfare system (ii) unemployment insurance (iii) progressive income tax
a. (i) only b. (ii) only c. (i) and (ii) only d. (i), (ii), and (iii)
When business firms get to be too big, they are suffering from ____________________.
Fill in the blank(s) with the appropriate word(s).